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Niger Economy 2019

SOURCE: 2019 CIA WORLD FACTBOOK AND OTHER SOURCES











Niger Economy 2019
SOURCE: 2019 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on February 08, 2019

Economy - overview:
Niger is a landlocked, sub-Saharan nation, whose economy centers on subsistence crops, livestock, and some of the world's largest uranium deposits. Agriculture contributes approximately 40% of GDP and provides livelihood for over 80% of the population. The UN ranked Niger as the second least developed country in the world in 2016 due to multiple factors such as food insecurity, lack of industry, high population growth, a weak educational sector, and few prospects for work outside of subsistence farming and herding.

Since 2011 public debt has increased due to efforts to scale-up public investment, particularly that related to infrastructure, as well as due to increased security spending. The government relies on foreign donor resources for a large portion of its fiscal budget. The economy in recent years has been hurt by terrorist activity near its uranium mines and by instability in Mali and in the Diffa region of the country; concerns about security have resulted in increased support from regional and international partners on defense. Low uranium prices, demographics, and security expenditures may continue to put pressure on the government’s finances.

The Government of Niger plans to exploit oil, gold, coal, and other mineral resources to sustain future growth. Although Niger has sizable reserves of oil, the prolonged drop in oil prices has reduced profitability. Food insecurity and drought remain perennial problems for Niger, and the government plans to invest more in irrigation. Niger’s three-year $131 million IMF Extended Credit Facility (ECF) agreement for the years 2012-15 was extended until the end of 2016. In February 2017, the IMF approved a new 3-year $134 million ECF. In June 2017, The World Bank’s International Development Association (IDA) granted Niger $1 billion over three years for IDA18, a program to boost the country’s development and alleviate poverty. A $437 million Millennium Challenge Account compact for Niger, commencing in FY18, will focus on large-scale irrigation infrastructure development and community-based, climate-resilient agriculture, while promoting sustainable increases in agricultural productivity and sales.

Formal private sector investment needed for economic diversification and growth remains a challenge, given the country’s limited domestic markets, access to credit, and competitiveness. Although President ISSOUFOU is courting foreign investors, including those from the US, as of April 2017, there were no US firms operating in Niger. In November 2017, the National Assembly passed the 2018 Finance Law that was geared towards raising government revenues and moving away from international support.

GDP (purchasing power parity):
$21.86 billion (2017 est.)
$20.84 billion (2016 est.)
$19.87 billion (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 146
[see also: GDP country ranks ]

GDP (official exchange rate):
$8.224 billion (2017 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
4.9% (2017 est.)
4.9% (2016 est.)
4.3% (2015 est.)
country comparison to the world: 55
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$1,200 (2017 est.)
$1,100 (2016 est.)
$1,100 (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 224
[see also: GDP - per capita country ranks ]

Gross national saving:
22.4% of GDP (2017 est.)
20.6% of GDP (2016 est.)
21.2% of GDP (2015 est.)
country comparison to the world: 80
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 70.2% (2017 est.)
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 9.4% (2017 est.)
[see also: GDP - composition, by end use - government consumption country ranks ]
investment in fixed capital: 38.6% (2017 est.)
[see also: GDP - composition, by end use - investment in fixed capital country ranks ]
investment in inventories: 0% (2017 est.)
[see also: GDP - composition, by end use - investment in inventories country ranks ]
exports of goods and services: 16.4% (2017 est.)
[see also: GDP - composition, by end use - exports of goods and services country ranks ]
imports of goods and services: -34.6% (2017 est.)
[see also: GDP - composition, by end use - imports of goods and services country ranks ]

GDP - composition, by sector of origin:
agriculture: 41.6% (2017 est.)
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 19.5% (2017 est.)
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 38.7% (2017 est.)
[see also: GDP - composition, by sector of origin - services country ranks ]

Agriculture - products:
cowpeas, cotton, peanuts, millet, sorghum, cassava (manioc, tapioca), rice; cattle, sheep, goats, camels, donkeys, horses, poultry

Industries:
uranium mining, petroleum, cement, brick, soap, textiles, food processing, chemicals, slaughterhouses

Industrial production growth rate:
6% (2017 est.)
country comparison to the world: 41
[see also: Industrial production growth rate country ranks ]

Labor force:
6.5 million (2017 est.)
country comparison to the world: 70
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 79.2%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 3.3%
[see also: Labor force - by occupation - industry country ranks ]
services: 17.5% (2012 est.)
[see also: Labor force - by occupation - services country ranks ]

Unemployment rate:
0.3% (2017 est.)
0.3% (2016 est.)
country comparison to the world: 3
[see also: Unemployment rate country ranks ]

Population below poverty line:
45.4% (2014 est.)
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: 3.2%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: 26.8% (2014)
[see also: Household income or consumption by percentage share - highest 10% country ranks ]

Distribution of family income - Gini index:
34 (2014)
50.5 (1995)
country comparison to the world: 105
[see also: Distribution of family income - Gini index country ranks ]

Budget:
revenues: 1.757 billion (2017 est.)
[see also: Budget - revenues country ranks ]
expenditures: 2.171 billion (2017 est.)
[see also: Budget - expenditures country ranks ]

Taxes and other revenues:
21.4% (of GDP) (2017 est.)
country comparison to the world: 140
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-5% (of GDP) (2017 est.)
country comparison to the world: 169
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
45.3% of GDP (2017 est.)
45.2% of GDP (2016 est.)
country comparison to the world: 115
[see also: Public debt country ranks ]

Fiscal year:
calendar year

Inflation rate (consumer prices):
2.4% (2017 est.)
0.2% (2016 est.)
country comparison to the world: 121
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
4.25% (31 December 2015)
4.25% (31 December 2014)
country comparison to the world: 95
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
5.4% (31 December 2017 est.)
5.3% (31 December 2016 est.)
country comparison to the world: 137
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$1.804 billion (31 December 2017 est.)
$1.511 billion (31 December 2016 est.)
country comparison to the world: 136
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$1.804 billion (31 December 2017 est.)
$1.511 billion (31 December 2016 est.)
country comparison to the world: 145
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$1.506 billion (31 December 2017 est.)
$1.196 billion (31 December 2016 est.)
country comparison to the world: 162
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
NA
[see also: Market value of publicly traded shares country ranks ]

Current account balance:
-$1.16 billion (2017 est.)
-$1.181 billion (2016 est.)
country comparison to the world: 147
[see also: Current account balance country ranks ]

Exports:
$4.143 billion (2017 est.)
$1.101 billion (2016 est.)
country comparison to the world: 117
[see also: Exports country ranks ]

Exports - partners:
France 30.2%, Thailand 18.3%, Malaysia 9.9%, Nigeria 8.3%, Mali 5%, Switzerland 4.9% (2017)

Exports - commodities:
uranium ore, livestock, cowpeas, onions

Imports:
$1.829 billion (2017 est.)
$1.715 billion (2016 est.)
country comparison to the world: 170
[see also: Imports country ranks ]

Imports - commodities:
foodstuffs, machinery, vehicles and parts, petroleum, cereals

Imports - partners:
France 28.8%, China 14.4%, Malaysia 5.7%, Nigeria 5.4%, Thailand 5.3%, US 5.1%, India 4.9% (2017)

Reserves of foreign exchange and gold:
$1.314 billion (31 December 2017 est.)
$1.186 billion (31 December 2016 est.)
country comparison to the world: 126
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$3.728 billion (31 December 2017 est.)
$2.926 billion (31 December 2016 est.)
country comparison to the world: 140
[see also: Debt - external country ranks ]

Exchange rates:
Communaute Financiere Africaine francs (XOF) per US dollar -
605.3 (2017 est.)
593.01 (2016 est.)
593.01 (2015 est.)
591.45 (2014 est.)
494.42 (2013 est.)


NOTE: 1) The information regarding Niger on this page is re-published from the 2019 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Niger Economy 2019 information contained here. All suggestions for corrections of any errors about Niger Economy 2019 should be addressed to the CIA.
2) The rank that you see is the CIA reported rank, which may habe the following issues:
  a) They assign increasing rank number, alphabetically for countries with the same value of the ranked item, whereas we assign them the same rank.
  b) The CIA sometimes assignes counterintuitive ranks. For example, it assigns unemployment rates in increasing order, whereas we rank them in decreasing order






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